Question

1) "Recognise all losses, anticipate no. ________.
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Answer 1

→Answer is :

The concept of conservatism is also known as the concept of prudence. .

Also,

It is always stated that “anticipate no profit, provide for all losses.” .

Meaning :

This implies that an accountant must always be cautious and record the lowest possible value for assets and revenues and the highest values for liabilities and expenses..